Asia's weekly crypto news roundup: South Korea proposes stablecoin liquidity rules, Hong Kong advances 24/7 on-chain settlement, Hana Bank issues $100M blockchain bonds, US prosecutors investigate Binance sanctions violations.
DeFi & Yields ·
South Korea is advancing proposals to establish liquidity safeguards for KRW stablecoins, while Hong Kong is pursuing 24/7 on-chain settlement capabilities. Separately, Hana Bank has issued $100M in blockchain-based digital bonds, marking a significant step in institutional blockchain adoption across the region. U.S. prosecutors are investigating Binance over alleged Iran sanctions violations.
Regulatory activity in Asia reflects divergent approaches to crypto infrastructure. China's central bank reiterated on September 22 that virtual currencies including Bitcoin, Ethereum, and Tether lack legal tender status and cannot function as circulating currency within the country. Meanwhile, cryptocurrency trading volumes in Kazakhstan reached $10.58B during the period under review.
Several jurisdictional questions remain unresolved: the precise liquidity requirements South Korea may impose on stablecoin issuers, the technical and regulatory timeline for Hong Kong's settlement initiative, and the scope and potential outcomes of the U.S. investigation into Binance's compliance protocols. Polymarket also faces a formal lawsuit filed by New York authorities alleging illegal gambling operations.